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38027
Record oil price behind increase in exports
statistikk
2008-03-14T10:00:00.000Z
External economy
en
muh, External trade in goods, import, export, balance of trade (export minus import), mainland exports, imports excluding ships and oil platforms, trade ( between countries, continents and trade regions), international product groups (for example hs, sitc and bec), product groups (for example food, crude oil and metals)External trade , External economy
false

External trade in goods, February 2008

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Record oil price behind increase in exports

Exports of goods came to NOK 76.0 billion in February 2008 while imports came to NOK 39.9 billion. The crude oil price of NOK 523 was the highest ever recorded.

The total export value of crude oil, natural gas and condensates came to NOK 45.6 billion in February. The export value of crude oil came to NOK 28.9 billion, a rise of 31.21 per cent compared with February last year. This was due to higher prices as the quantity was reduced by more than 5.3 million barrels, or 8.8 per cent. The crude oil price averaged NOK 523 per barrel in February 2008, compared with NOK 364 per barrel in the corresponding period last year. A higher volume caused the growth of 16.21 per cent in the exports value of natural gas.

External trade in goods, excl. ships and oil platforms. NOK million [ Corrected 14 March 2008 at 10:45 a.m. ]
  January-February Change in per cent1 February Change in per cent1
  2007 2008 2007 2008
1 Imports 71 038     78 945 11.1        33 961        39 859 17.4
2 Exports  129 475  151 420 16.9 60 809 75 961 24.9
Of which            
Crude oil 48 341 57 991 20.0 22 034 28 902 31.2
Natural gas 27 360 30 349 10.9 12 965 15 068 16.2
Condensates 1 157 2 704 133.7  471 1 677 256.1
3 Exports excl. crude oil, natural gas and condensates 52 616 60 376 14.7 25 339 30 314 19.6
4 Trade balance (2-1) 58 436 72 475 24.0 26 848 36 103 34.5
5 Trade balance excl. oil, natural gas and condensates (3-1) -18 422 -18 568 . -8 622 -9 545 .

1 Corrected 14 March 2008 at 10:45 a.m.


Other commodities - seasonally adjusted and absolute figures

Seasonally adjusted figures for imports excluding ships and oil platforms show a decrease of 1.4 per cent in the last three months compared with the previous three-month period. Corresponding figures for exports excluding ships, oil platforms, crude oil, natural gas and condensates show an increase of 9.9 per cent.

When absolute figures are concerned, the export value of goods excluding ships, oil platforms, crude oil, natural gas and condensates came to NOK 30.3 billion in February, an increase of about NOK 5 billion, or 19.6 per cent compared with February 2008. Imports of goods, excluding ships and oil platforms rose by NOK 5.9 billion or 17.4 per cent compared with February last year.

Increase in exports of refined mineral products and machinery

Detailed figures show that the growth took place in many commodity groups and across many different products. However, with a rise of NOK 1.7 billion, refined mineral products experienced the strongest increase in export value. This is a growth of 80.3 per cent compared with February last year. Furthermore, the export value of machinery and transport equipment rose by almost NOK 1.5 billion (+33.5 per cent). The only main commodity group with a decline was manufactured goods, caused by a drop in the exports of non-ferrous metals by NOK 627 million.

Increase in imports of machinery, cars and other transport equipment

As for exports, the growth was distributed across a wide range of products. Nevertheless, the commodity group machinery and transport equipment stands out with a rise in imports of NOK 2.4 billion, resulting in an import value of NOK 15.5 billion for this group. Passenger cars, other transport equipment and industrial machinery accounted for the majority of this growth. Among other commodities with a strong growth were miscellaneous manufactured articles with NOK 874 million (+16.1 per cent) and inedible crude materials with NOK 667 million (+23.9 per cent).

1Corrected 14 March 2008 at 10:45 a.m.


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